The study guide for The American Revolution with Michael Novak in Washington DC as seen on Small Business School the series on PBS member stations. Small Business School is the best television show in America

The Case Study Guide

last update: July 4, 2006

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Capitalism Is Good For The Soul

Is there anything that better describes how we treat our customers, our employees, and our vendors than the Golden Rule? In our business dealings, don't we always try to treat others as we would like to be treated? But we are not saints and how many of us would sit up with that sick cow that everyone owns? This is Novak's point that socialism doesn't work. If every one thinks somebody else should do it, then nobody does it.

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Key Ideas of this episode


1.		Capitalism is the Only Proven Path from Poverty to Prosperity
2.		The American Version Of Capitalism Has Not Been Articulated Well
3.		Many Owning A Little Is Better Than a Few Owning A Lot
4.		Business Owners Are Not Elites
5.		Capitalism Requires A New Attitude About the Creation of Wealth
6.		Struggle for Improvement Is A Moral Duty
7.		Capitalism Does Not Thrive Unfettered
8.		Capitalism Depends Upon Hard-Working People
9.		Democratic Capitalism Is A Three-Legged Stool
10.		Business Is Not About Greed
11.		Capitalism Is Good For The Soul
12.		Capitalism Is Organized Around The Mind
13.		Small Business Is The Most Important Institution In A Civil Society

Topic for Discussion: How does "Man does not live by bread alone" influence us in our business lives?

Answer: It goes back to what we said about the difference between self-interest, which is good, and greed, which is bad. We recognize that all successful businesses are built on a foundation of successful relationships. Customer relations, employee relations and vendor relations, we must have all three to excel. These relationships are based on trust, mutual respect, and fair play. Businesses that don't understand this are not around very long. It is never just about the money (the bread). It's always about the people.

You think about it: How does your business benefit the souls of those it touches?

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